is free from money laundering.

On the verge of new legislation aimed at entrenching the Island in a multi-national anti-money laundering effort, the Bermuda Monetary Authority chairman, Mansfield H. Brock Jr. has designated Bermuda as a "clean'' jurisdiction.

His comments come after Bermuda regulators dismissed as myths recent claims that Bermuda was known as a haven for money laundering drug dealers and organised crime.

Addressing the Bermuda Branch of the Institute of Chartered Secretaries and Administrators in Canada (ICSA) at their annual dinner at the Royal Bermuda Yacht Club, he said Bermuda must operate, and be seen to operate, within internationally accepted principles and standards.

Mr. Brock said, "Bermuda is a member of the Organisation for Economic Cooperation and Development (OECD) which has had a distinct influence on Bermuda's liberalisation of exchange control.

"Also the Bermuda Monetary Authority is a member of the Offshore Group of Banking Supervisors, which comprises 21 offshore centres, and the International Organisation of Securities Commissions (IOSCO), which involves 81 countries.'' He added, "Ensuring that Bermuda associates only with fit and proper people has been one of the main ingredients leading to Bermuda's first class reputation as a high quality business centre.'' Mr. Brock said he believes that reputation "will be further enhanced through the enactment of the Proceeds of Crime Bill which will act as a further weapon to be used against disreputable persons, including money launderers.'' The proposed legislation has already been tabled in Parliament and is due for debate during this session.

Mr. Brock also noted the growing nature of the third important foreign currency income earner, investment income.

He said, "During 1996, the Authority gave permissions over and above the delegated limit of $25,000 per Bermudian individual per annum for resident Bermudian individuals and organisations to convert sums aggregating $59 million.

"These exceptional permissions were normally, although not exclusively, linked to retirement planning. Such investment income continues to have a very positive effect on the amount of foreign currency income generated in Bermuda.'' ICSA's Bermuda Branch obtained its charter in 1993 and is concerned with presenting a forum for establishing standards for professional administrators and to enable administrators to network with others in the field.

Mr. Brock said the Bermuda Branch is one of the most active and progressive of all ICSA branches, with a membership of 40.

He said they have increasingly focused on developing corporate secretarial skills and providing appropriate educational opportunities to meet the needs of the burgeoning onshore and offshore corporate administration industry in Bermuda.

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